BEIJING, Sept. 21, 2009 (GLOBE NEWSWIRE) -- Legend Media, Inc. (OTCBB:LEGE), a leading China advertising company focused on selling ad space in airline magazines and major radio markets, today announced that Hainan Airlines has added three new nonstop routes to their offerings beginning this month. Legend Media, Inc. owns an exclusive sales contract for Xinhua Airline Magazine, the in-flight publication for Hainan Airline ("HNA") Group, which reaches a potential audience of more than 20 million passengers per year and keeps growing as the airline expands operations.
In September 2009, Hainan Airlines added nonstop routes from Changsha to Xuzhou, Ningbo to Taipei, Taiwan and Xian to Taipei, Taiwan.
Hainan Airlines passenger ridership rose 13.2% to 8.1 million in the first half of 2009 compared to the same period in 2008, coinciding with the strong domestic recovery. HNA expects to improve its performance in the second half as "stable growth of the domestic market, lower fuel prices and gradual implementation of the government's favorable policies" take effect. It said the "international market has showed signs of hitting the bottom."
George Soros, chairman of Soros Fund Management, has invested $50 million USD into various airline holdings of HNA Group.
Legend Media entered into the exclusive contract with Xinhua Airline Magazine in late 2008 and has since seen its ability to target China's fast-growing affluent and middle classes broadening while also proving an integral part in diversifying the Company's advertising assets.
About Legend Media, Inc.
Legend Media, Inc., through its wholly-owned subsidiary Well Chance Investments Limited ("Well Chance"), intends to build a leading, consumer advertising network in China that reaches consumers through multiple advertising mediums, with a specific near-term focus on radio. Well Chance is run by its world-class Executive Team, Advisory Board, and Board of Directors. These teams have helped to establish a network of partners in China and the United States that are actively working to build the company's customer base, refine its business development strategies, and identify additional acquisition candidates. Well Chance leverages these partners to manage its relationships with major national and international advertising agencies, while local operators focus on maintaining radio station and advertiser relationships within their local markets.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Since the forward-looking statements relate to future developments, results, or events, these statements are highly speculative and involve risks, uncertainties, and assumptions that are difficult to assess and may not be accurate. Actual results could differ from those projected in any forward-looking statements. These forward-looking statements are made as of the date of this news release and the Company and Well Chance assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as may be required by law. Although the Company and Well Chance believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time to time with the Securities and Exchange Commission and available at http://www.sec.gov.